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A framework for retirement incomes

A framework for retirement incomes

This white paper was developed by KPMG and Challenger based on a series of workshops with Australian superannuation funds to understand the importance of providing retirement income solutions to their respective member bases.

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In the paper we describe the need to align the organisation with a retirement philosophy and propose a framework which will provide funds with a consistent, practical way of helping members optimise their retirement outcomes.

Key findings

Member retirement outcomes and retirement income are in the top strategic priorities for 2015-2018.

Funds need a retirement framework, an ability to implement a solution and a fuller suite of retirement products in order to optimise retirement outcomes for members.

Retaining members approaching or in retirement is a significant issue for many funds, especially for funds with higher average ages.

Online advice will increasingly play a critical role in servicing the volume of members requiring retirement education and solutions.

Funds that have kept their administration functions in-house may be able to implement solutions faster.